FNG Exclusive… FNG has learned that Kuwait based online brokerage firm NCM Financial has plans to expand to the UK.
NCM set up a new UK subsidiary NCM Financial UK Ltd in late 2021, and in 2022 began the application process for an FCA license for the new entity. The FCA license was formally granted to NCM earlier this week, on July 22.
To date, the group has injected capital of £3.75 million into NCM UK.
NCM UK has also begun to staff up. The company brought on board former CFI UK branch manager Richard Wynn as Chair of the Governing Body of NCM UK, and former Exinity compliance head Simon Henry, as Executive Director and Compliance Director.
Based in Kuwait, NCM Financial operates brokerage operations mainly across the MENA region, with offices in Kuwait, Jordan, Turkey and Malaysia. Earlier this year the group received an SCA Category 1 license for its NCM Investment Company KSCC subsidiary in the UAE.
NCM is a key holding of Eshraq Investments’ Goldilocks Fund, which acquired a 51% majority stake in the company in 2022. NCM was established in 2009 by Kuwait businessman Naser Al Marri, and also operates the Noor Capital Markets online brokerage brand. Globally, NCM has been run day-to-day since 2012 by CEO Khurram Sayeed.
